AI-generated investment scams exploit state-backed scheme in Ireland
Fraudsters are using AI-generated images and videos of prominent Irish politicians and business figures to promote fake state-backed investment schemes in Ireland. The scams have contributed to over €20 million in losses and a 20% increase in investment fraud reports, predominantly targeting people in their 50s.
What happened
Fraudsters are using AI-generated images and videos of high-profile Irish politicians and businesspeople, including Taoiseach Micheal Martin, Finance Minister and Tánaiste Simon Harris, fintech billionaire Patrick Collison, and Ryanair chief Michael O'Leary, to promote fake state-backed investment schemes. The scams encourage consumers to click a registration link and complete forms with personal contact details, followed by calls from fraudsters posing as financial advisers requesting security deposits. Once victims authorise payments, the criminals transfer money through multiple accounts, often overseas.
Reported impact
More than €20 million in losses were reported from investment fraud in 2025. An Garda Síochána figures show a more than 20% increase in investment fraud reports in 2025 compared to 2024, a trend continuing into 2026. The scams particularly target people in their 50s.
Index analysis
The Banking & Payments Federation Ireland described the trend as worrying, noting that fraudsters are exploiting recent news coverage of a planned state-backed savings and investment scheme announced by Tánaiste Simon Harris to make their advertisements appear legitimate. The fake advertisements are described as convincing.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.